Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year for those age 62 starting in 2024 and ending in 2035 (NRA reaches 70 for those age 62 in 2035). Thereafter, index the NRA to maintain a constant ratio of expected retirement years (life expectancy at NRA) to potential work years (NRA minus 20). We assume the NRA will increase 1 month every 2 years. Also, increase the earliest eligibility age (EEA) from 62 to 64 at the same time the NRA increases from 67 to 69; that is, for those attaining age 62 in 2024 through 2031. Keep EEA at 64 thereafter.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2023 | 204 | 204 |
2024 | 187 | 187 |
2025 | 168 | 169 |
2026 | 149 | 151 |
2027 | 131 | 134 |
2028 | 114 | 117 |
2029 | 96 | 100 |
2030 | 78 | 84 |
2031 | 60 | 67 |
2032 | 43 | 51 |
2033 | 25 | 35 |
2034 | 7 | 20 |
2035 | -12 | 4 |
2036 | -31 | -12 |
2037 | -51 | -28 |
2038 | -70 | -44 |
2039 | -91 | -60 |
2040 | -112 | -76 |
2041 | -133 | -92 |
2042 | -154 | -108 |
2043 | -176 | -124 |
2044 | -198 | -140 |
2045 | -220 | -156 |
2046 | -243 | -172 |
2047 | -265 | -188 |
2048 | -288 | -204 |
2049 | -311 | -220 |
2050 | -333 | -236 |
2051 | -357 | -252 |
2052 | -380 | -268 |
2053 | -403 | -283 |
2054 | -427 | -299 |
2055 | -450 | -315 |
2056 | -474 | -330 |
2057 | -498 | -346 |
2058 | -522 | -362 |
2059 | -547 | -377 |
2060 | -572 | -394 |
2061 | -597 | -410 |
2062 | -623 | -427 |
2063 | -650 | -444 |
2064 | -677 | -462 |
2065 | -705 | -480 |
2066 | -733 | -499 |
2067 | -762 | -518 |
2068 | -791 | -537 |
2069 | -820 | -556 |
2070 | -850 | -576 |
2071 | -880 | -596 |
2072 | -911 | -616 |
2073 | -942 | -637 |
2074 | -974 | -657 |
2075 | -1006 | -679 |
2076 | -1039 | -701 |
2077 | -1074 | -723 |
2078 | -1108 | -745 |
2079 | -1144 | -769 |
2080 | -1181 | -792 |
2081 | -1218 | -816 |
2082 | -1256 | -840 |
2083 | -1294 | -864 |
2084 | -1333 | -888 |
2085 | -1373 | -912 |
2086 | -1413 | -937 |
2087 | -1453 | -962 |
2088 | -1494 | -986 |
2089 | -1534 | -1010 |
2090 | -1574 | -1035 |
2091 | -1613 | -1057 |
2092 | -1651 | -1078 |
2093 | -1689 | -1099 |
2094 | -1726 | -1119 |
2095 | -1762 | -1139 |
2096 | -1798 | -1158 |
2097 | -1833 | -1177 |
2098 | -1868 | -1196 |
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